What Federal Student Financial Aid programs does Neumont University offer?
Before we get into the details, let's make it clear, even though we're different from your traditional university, we still offer all of the same financial aid programs that you can expect from any university. Financial Aid is available for those who qualify, and includes Federal Pell Grants, Stafford Loan and PLUS loan programs, as well as Neumont-sponsored grants and scholarships.
Now for the specifics, the Pell Grant is a need-based grant that the student does not have to repay along with the Supplemental Education Opportunity Grant. The Stafford Loan is a loan program for the student. There are two types of Stafford Loans, subsidized and unsubsidized. A subsidized Stafford loan is a loan program wherein the interest on the loan is paid by the Federal government until six months after the student graduates or withdraws from the program. After the six month period, the student begins loan repayment. An unsubsidized Stafford Loan follows the same time frame as the subsidized Stafford loan, but the interest is not paid by the government (subsidized). The interest simply accrues on the loan while the student is in school. The PLUS loan is a loan that a parent of a dependent student may secure. With both Stafford and PLUS loans, repayment is required. For more details on your financial aid options, click here.
How do I get Federal Aid to attend Neumont University?
The first step is to complete the Free Application for Federal Student Aid (FAFSA). You must include Neumont University's school code of 009948 on the application. The second step is to complete the Neumont University Financial Aid Application. (The Financial Aid Application is available on our Accepted Student Portal.) Unless additional information is required, these two applications will provide the Office of Financial Aid with the information necessary to determine your federal aid eligibility. You will receive a Award Letter Estimate with details about your eligibility within a few weeks of your application. Note: You will complete this process, and the FAFSA, every nine months until you graduate, if you wish to use Federal Student Financial Aid.
What is a Student Aid Report (SAR)?
The Student Aid Report is a summary of the information provided on the FAFSA. It also provides the Expected Family Contribution (EFC) number used to determine aid eligibility. You should carefully review your SAR to make sure there are no errors. Submit any corrections to the Office of Financial Aid at:
Office of Financial Aid
143 South Main Street
Salt Lake City, Utah, 84111
What is an ISIR?
The Institutional Student Information Record (ISIR) is the paper record of the SAR that contains the information the student mailed to the Central Processing System.
What is the EFC?
EFC stands for Expected Family Contribution. This number is the result of applying a formula to the financial information provided on the FAFSA. The Expected Family Contribution is the amount that the dependent student and family, or independent student, is expected to contribute towards the cost of attendance. This number is used to determine your eligibility for need-based programs such as the Pell Grant and Subsidized Stafford Loan.
What is aN AWARD LETTER ESTIMATE?
Your Neumont University award letter estimate details your personal federal financial aid eligibility and potential private loans as determined by the processing of the information you included in the FAFSA and the Neumont Financial Aid Application. The estimate will let you know specifically which student aid programs you are eligible for in terms of specific maximum amounts. The estimate will also include additional information on costs, securing funds, disbursement information, and canceling loans.
When will I receive my AWARD LETTER ESTIMATE?
Processing takes about three weeks after you complete your Financial Aid Application and the FAFSA. However, you must be accepted to Neumont in order to for us to process your estimate. The Office of Financial Aid will email you a copy of your estimate. You will also receive a copy by mail to the address indicated on your application.
I live on my own. Why am I still considered dependent?
Dependency for financial aid purposes is defined a little differently than most people would assume. The U.S. Department of Education will evaluate the information you provide on the FAFSA and determine your dependency status. A student is only considered independent for a financial aid year if one of the following criteria applies:
- The student is over 24 years of age.
- The student is enrolled in a graduate/professional degree program.
- The student is married on or before the date he or she applies.
- The student is or was an orphan or ward/dependent of the court until age 18.
- The student is a veteran of the U.S. armed forces.
- The student has dependents other than a spouse.
It is important to understand that a student is considered dependent regardless of how he or she is claimed on the parent(s) tax forms and regardless of how much (or how little) financial support the parent is providing.
When will I get the funds?
Disbursements of funds are electronically transferred. Each program has its own specific disbursement requirements. Continued funding is based on academic satisfactory progress. Financial aid funds are fully earned after week seven of the quarter. Any funds remaining on the students account beyond tuition, fees, and books are reimbursed at the student's request after week seven.
What is Entrance Counseling?
Entrance Counseling is a required counseling session for Stafford loan borrowers. Issues such as repayment, the consequences of default, and the Master Promissory Note are covered.
What is Exit Counseling?
Exit Counseling is a required counseling session for Stafford loan borrowers. Issues such as monthly repayment amounts, repayment options, and debt management are covered. Our Office of Financial Aid will schedule this meeting with you at graduation or withdrawal. You will be directed to read through the Life Skills Financial Literacy Guide.
I have already paid for tuition out of my own resources. Will my Federal eligibility be lowered because of this?
No, your federal aid eligibility is determined by the information included on the FAFSA and the Financial Aid Application. The Expected Family Contribution (EFC) listed on the Student Aid Report (SAR) is the amount that the student and family, or independent student, are expected to contribute to the student's educational costs for the relevant academic year (through savings, private scholarships, private loans, or other methods). This number is considered when determining your basic aid eligibility for federal need-based programs and Neumont need-based scholarships. Payment of tuition out of your own resources does not change your federal eligibility.
What is the Cost of Attendance?
The cost of attendance is an estimate of the total costs associated with attending Neumont University for an academic year. The cost of attendance varies by each student's living situation, the degree program they're enrolled in, and where they are in the program. This number includes estimates for tuition, fees, books, supplies, transportation, loan fees, and personal expenses. The cost of attendance number that applies to you is the absolute limit of financial aid, regardless of source, that you may use during the academic year.
I have reviewed my Estimate, but my eligibility will not cover all of my costs. What are my options?
Though it varies on a case by case basis, your parents may choose to take on a PLUS loan to cover any gap in coverage. Students with parents who are unable, or unwilling to take on PLUS loans (or independent students who are not eligible for PLUS loans) typically use private loans and scholarships to cover any gap in funding. Work with your Financial Aid Advisor to identify private funding programs available for your unique circumstances.
I have been selected for verification. What does that mean?
Approximately 30% of all applicants are selected for the process of verification. If you have been selected, you must provide additional documentation to the school. This documentation will include federal tax forms for both the student and parent(s), if the student is dependent. The school is required to compare this information with the information you provided on the FAFSA. Any discrepancies must be addressed and corrected. You will receive a Verification Worksheet that will detail the information you must provide within the time frame specified. You will not be eligible to receive any federal aid until this process is completed. For assistance in completing verification, please call 866-801-1300.